Simply explained, merchant services provide businesses with the means to accept card payments by both debit and credit cards.
A merchant account functions as an intermediary between the merchant’s bank account and the card user’s account.
- Pence-per-transaction for debit card
- Percentage of transaction for credit cards
THE DIFFERENCE BETWEEN BANK ACCOUNTS
All Merchant service providers, although they trade under your banks name, will be operated by a third party company – with the exception of Barclaycard.
SwiftSwitch can help you to switch merchant service providers and find a cheaper deal, without the need for you to switch your bank account.
HOW TO COMPARE RATES
Comparing merchant accounts can be a tricky endeavour, especially considering that each business requires a tailored service. It is therefore important to understand exactly what you are looking for in a provider.
The average merchant contract lasts from one to three years. SwiftSwitch advises that you opt for a fixed-term contract as it will protect you from any price increases.
This refers to the time it takes for your card processing company to transfer your takings into your businesses bank account. The vast majority of merchant service providers offer to complete transactions within +1 days, however some will only offer +3 days. When comparing it would be wise to check that the provider can complete your transactions within the time frame you consideracceptable.
FREQUENTLY ASKED QUESTIONS
Yes, this is usually fine. It will however depend on the length of your contract and who your contract is with.
Yes. Although everything we need to help you switch can be found in your current monthly statement:
- Current percentage of transaction value charged on credit cards
- Amount per month charged for rental terminals
- Your monthly intake card split (what you take on debit and credit cards)
- Amount in pence per transaction you currently charge on credit cards